During a televised address to the nation, Opposition Leader Malcolm Turnbull has accused the Government of acting too late to protect Australia against the effects of the global economic crisis.

He also said the Government must release the advice it received before deciding to spend almost half the Budget surplus in an effort to stimulate the economy.

In his reply to yesterday's address to the nation given by Prime Minister Kevin Rudd, Mr Turnbull said the Government should have moved sooner to address the impacts of the crisis on Australia's economy.

"Regrettably Mr Rudd's government missed the warning signs at the beginning of the year and talked up inflation and consequently interest rates at precisely the wrong time," he said.

After meetings on the weekend, the Government moved yesterday to boost economic growth by announcing a $10.4 billion economic stimulus package and Mr Turnbull says the public must know the Treasury advice behind the decision.

"That's why we've asked for Mr Rudd to share with the Australian people the economic advice he has received which convinced him that the $10 billion was not larger than was needed and will not reduce the ability of the Reserve Bank to keep cutting interest rates," he said.

Today legislation was introduced into Parliament which will guarantee all bank deposits of unlimited value and loans made by Australian banks from international institutions.

Mr Turnbull said the Opposition supports the guarantee but does not want any burdens to be placed on taxpayers.

"We are concerned to ensure that safeguards are put in place so that Government guarantees offered to banks do not result in taxpayers picking up the tab for bank loses," he said.

Mr Turnbull said the Opposition would continue to provide bipartisan support for the Government's measures to stabilise the economy and is disappointed the Government rejected his offer to work together.

"But that does not lessen our resolve to support what is in Australia's best interests and build on the Coalition's record of making long-term and often tough decisions to protect our economic security," he said.

However, Mr Turnbull said Australia will weather the downturn.

"We believe that the energy, the enterprise, and the optimism of 21 million Australians will ensure that while we are in the midst of this storm and will get wet we will not sink," he said.